What this is
An unlisted stake at cost recycles nothing. Even if a Niantic stake (≤$10m cost) had sat in a dedicated foreign vehicle that was liquidated after the sale, its translation reserve could not exceed ≈¥0.44bn (assumed ¥100/$ historical rate), 83× short.
The values
- Recycle at 100pct: ¥36,497m
- Max translation reserve on 10m $ stake: ¥441m
- Ratio: 83
- Foreign net assets implied $ billion at 40yen move: 0.91
Where it comes from
Our calculation from other figures in the trainer’s notes:
- Reported企業会計基準第10号 第19項 unlisted shares at cost, standard (2019 ed.; 2026 ed. exists)
- EstimateTest (a): what can move a parent-only 評価・換算差額等 (+1,117) — and can an unlisted stake at cost?, year to February 2026
- EstimateWhich affiliate events recycle OCI to profit under J-GAAP, and can a Niantic stake at cost produce the △11,679?, year to March 2026
Show the working
- 11,679/0.32 = 36,497
- $10m × (144.09 − 100) = ¥441m
- 36,497/441 = 83×
- 36,497/40 = $0.91bn
Where it’s used
Related figures
Built from this one